Word: avco
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Like the snake which swallows a frog as big as itself, Aviation Corp. last week contracted to pay $15,000,000 for a 64% interest in Crosley Corp. (Crosley's 1944 earnings of $3,300,000 exceeded AVCO's by nearly $200,000.) This big mouthful was the outward sign that two aggressive businessmen, in their different ways, were following the maxim "In time of war prepare for peace...
Wily, round-faced Victor Emanuel, who in nine years had helped put together AVCO as an extraordinary aviation holding company, clearly intended to have one foot on the ground, come peace...
...AVCO's present structure-now much simplified from the jerry-built organization Victor Emanuel found whisked together-is composed of the following holdings: 1) Consolidated Vultee Aircraft Corp. (Liberators), 29.6%; 2) New York Shipbuilding Corp., 59.3%; 3) American Airlines, 24.1%; 4) Pan American Airways Corp., 9.2%; 5) American Central Mfg. Corp. (kitchen sinks and cabinets), 60.8%; 6) Roosevelt Field Inc. (on Long Island), 20%; 7) American Propeller Corp., 100%; 8) Lycoming Division (small aircraft motors), 100% ; 9) Spencer Heater Division, 100%; 10) Republic Aircraft Products Division...
Vultee could swing the deal, Emmanuel promised that 1) AVCO would buy an additional 150,000 shares of Vultee for $1,500,000, 2) his own Emmanuel & Co. (investment bankers) would help sell $6,000,000 in new Vultee preferred stock. The other $3,445,000 will come from Vultee's till...
Emmanuel cannot let the AVCO-Vultee-Consolidated setup remain so complicated forever. He plans a full merger of the two planemakers, but it may take months. The result would be a huge concern flexible enough to make anything from flivver planes to transoceanic skyliners, strong and ramified enough not to fear terrific post-war competition. Emmanuel bids fair to become the biggest single figure in U.S. aviation...